Gangwon-do Achieves 2 Trillion Won in Provincial Tax Revenue for the First Time in 6 Years

2.0337 Trillion KRW... 13.3% (238.8 Billion KRW) Increase Compared to Previous Year
6.7 Billion KRW Missing Tax Sources Discovered... 9.3 Billion KRW Collected from High-Amount and Habitual Delinquents

[Asia Economy Reporter Ra Young-cheol] The tax revenue collected by Gangwon Province surpassed 2 trillion won for the first time in history last year. After entering the 1 trillion won tax era for the first time in 2016, it recorded a growth rate of double in six years, opening the 2 trillion won era of securing independent financial resources.

[Photo by Gangwon-do]

According to Gangwon Province on the 19th, the 2022 provincial tax revenue was 2.0337 trillion won, an increase of 13.3% (238.8 billion won) compared to the previous year. By tax category, acquisition tax was 728.8 billion won, local consumption tax was 1.0178 trillion won, and local education tax was 191 billion won.

Despite the nationwide real estate transaction cliff phenomenon and interest rate hikes making stable acquisition tax revenue expansion difficult, the increase in acquisition tax due to the construction of large buildings within Gangwon Province and the increase in local consumption tax due to the rise in local consumption tax rates are seen as major factors in securing revenue.

The Provincial Taxation Division discovered 6.7 billion won of omitted tax sources through systematic tax investigations and collected 9.3 billion won through strong collection activities against high-amount and habitual tax delinquents.

Yoon Woo-young, head of the Provincial Taxation Division, said, "Despite the unfavorable conditions for local tax revenue due to the real estate market downturn, I am grateful for the dedication and hard work of the municipal tax department officials who strived to expand local finances," and emphasized, "This momentum must continue this year as the Gangwon Special Self-Governing Province is launched."